Fraud in Oahu
FRAUD: Reposting from Stolen Stuff Hawaii "I'm a bit surprised at a lot of the responses to the ponzi scheme situation with BG Wealth. Do people not understand why it's illegal? A ponzi/pyramid scheme is deliberately designed so that only the top pulls out and the bottom is left hanging. It has to feed off of fresh blood to keep going. It's dependent on that constant influx of new people. The main issue is deception and that is clearly unethical. Legitimate investments have profits that are generated from actual performance. Ponzi schemes generate wealth for older investors by using money from the newer investors while falsely claiming where those returns came from. It's fraud because the new participants are misled about how the profits are generated, the risks, and the overall financial health of the scheme. People only know the risks when ALL of the information is given. In addition, this sort of scheme prays on the ignorant as well as the elderly who are either less knowledgeable or more trusting. It's always attractive because the people higher in the ponzi are making money and that's how it's justified. That's the deception. The fraud is how the lying is done to construct the narrative that everyone gets paid. It can't. Eventually it collapses and someone is left hanging. From the get go, the entire business model is unsustainable and that's why they're illegal." Anyone who has been solicited by or who may have invested in securities with the Respondents, or who may have information about this matter, is urged to contact the State Securities Enforcement Branch’s Scam Line, at 1-877-HI-SCAMS (1-877-447-2267).